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Showing 1 - 10 of 20 results for "Banking Act"

Citi appoints head of global asset managers

ELIZABETH MCARTHUR  |  THURSDAY, 10 JUN 2021
Citi has announced the appointment of a new head of global asset managers for Asia Pacific. John McLean, who is currently head of capital markets origination for Citi Australia and New Zealand based in Sydney, will step into the role. McLean has been ...

APRA closes Westpac probe

ELIZA BAVIN  |  FRIDAY, 12 MAR 2021
APRA has closed its investigation into possible breaches of the Banking Act 1959, including the Banking Executive Accountability Regime (BEAR), by Westpac. APRA launched the investigation into Westpac last year following allegations by AUSTRAC that ...

APRA hands reins to ASIC in AUSTRAC case

ALLY SELBY  |  THURSDAY, 18 JUN 2020
... obligations under the Banking Executive Accountability Regime (BEAR) and standards of fitness and propriety under the Banking Act to ASIC. In November last year, AUSTRAC exposed 23 million money laundering breaches using Westpac's now-defunct international ...

Westpac forks out $80m for AUSTRAC scandal

ELIZA BAVIN  |  THURSDAY, 20 FEB 2020
Westpac said it expects $80 million in additional expenses in FY20 as parts of its response plan in relation to the AUSTRAC scandal. The bank provided a company update to the ASX, in which it outlined its progress on its response plan for the AUSTRAC ...

Westpac served class action

JAMIE WILLIAMSON  |  WEDNESDAY, 18 DEC 2019
... problems. Earlier this week, APRA launched its own official investigation into Westpac for possible breaches of the Banking Act, including the Banking Executive Accountability Regime. The investigation will focus on the conduct that led to AUSTRAC's ...

APRA joins in on Westpac scrutiny

ELIZA BAVIN  |  TUESDAY, 17 DEC 2019
APRA has launched a formal investigation into Westpac for possible breaches of the Banking Act. The prudential regulator said the investigation will focus on the conduct that led to AUSTRAC launching its criminal charges against the bank over an alleged ...

Macquarie merges private wealth businesses

KANIKA SOOD  |  THURSDAY, 17 MAY 2018
Macquarie Group is consolidating its private bank and private wealth businesses to concentrate its growth strategy on high net-worth (HNW) clients, a move it expects to affect advisers. HNW clients are already the exclusive focus of Macquarie's private ...

BEAR closer to legislation

KARREN VERGARA  |  FRIDAY, 20 OCT 2017
... Incorporating the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 to the Banking Act will bring tough new rules and greater accountability to bank executives, Treasurer Scott Morrison said. "Under the BEAR, banks ...

Bank love affair with wealth management waning

KERRIE SYDEE  |  MONDAY, 16 MAY 2016
The wealth management industry has been embroiled in one scandal after another and as it struggles to meet both shareholder and customer demands, a number of big players are re-evaluating their commitment to wealth management. Unlike many international ...

Macquarie loses court battle with ATO

JAMES FERNYHOUGH  |  FRIDAY, 6 SEP 2013
Macquarie Group has lost its Federal Court battle with the Australian Tax Office (ATO) over a tax dispute relating to Macquarie's offshore banking unit (OBU) income allocation. Macquarie had been seeking to prevent the ATO from conducting a retrospective ...
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